Ticino's cantonal bank had planned to set up a common financial services platform with a Lugano-based asset manager, and had taken a minority stake in the concern. It is now backing out of the deal.
Around three years ago the Ticino regional bank took a 30 percent stake in Soave Asset Management, SAM, an asset manager located in Lugano.
The aim of the deal was to develop a common services platform for external asset managers. Now the state-controlled bank has decided, in conjunction with SAM, to return its stake to the asset manager’s shareholders, according to a statement Friday.
Delayed Laws
The bank said the reason for decision were repeated delays in implementing Swiss financial services rules which were planned for early 2020. Under these premises, the deal could no longer be realized, it said.
The planned market regulations created among other things a level playing field for intermediaries and at the same time gave legal standing to independent asset managers. The ties between the regional bank and the SAM will not however be severed entirely. An «excellent» working relationship had developed over the years and the two institutions will continue to cooperate on other fronts, it said.
